Bank Melli Iran, UAE

Financial Result 2004 - Statement of Changes in Equity

Balance Sheet

Income Statement

Statement of Changes in Equity


Bank Melli Iran
United Arab Emirates Branches

Statement of Changes in Equity
For the year ended December 31, 2004
(In Thousand Arab Emirates Dirhams)


	Capital	Statutory reserve	Hedging reserve	Retained earnings	Total

As of December 31, 2002	300,000	46,006	-	75,433	421,439

Net income for the year	-	-	-	101,327	101,327

Transferred to statutory reserve	-	10,133	-	(10,133)	-

Profits transferred to Head Office	-	-	-	(75,433)	(75,433)

Balance at December 31, 2003	300,000	56,139	-	91,194	447,333

Increase in capital	85,000	-	-	-	85,000

Increase in fair value of hedging derivatives	-	-	3,036	-	3,036

Net income for the year	-	-	-	125,898	125,898

Transferred to statutory reserve	-	12,590	-	(12,590)	-

Profits transferred to Head Office	-	-	-	(91,194)	(91,194)

Balance at December 31, 2004	385,000	68,729	3,036	113,308	570,073

Bank Melli Iran is the largest bank of Iran with over 3200 branches globally. Bank Melli Iran - U.A.E operations comprise of 7 branches located in Deira Dubai, Bur Dubai, Abu Dhabi, Al Ain , Sharjah, Fujairah and Ras Al Kaimah. The pay office is located in the Iranian hospital in Satwa. The Regional office is located in Dubai.